LEGISLATIVE UPDATE – Spousal Election Law
A recent change in Maryland’s “spousal election law” (effective October 1, 2020) could significantly impact estate plans for married individuals, particularly those with “blended families.” A brief synopsis of this change is available HERE.
Certain strategies available under prior law to ensure the effectiveness of a married individual’s estate plan may no longer be viable. In fact, some of these strategies may now frustrate one’s estate plan or produce unintended consequences. Furthermore, the revised law presents new opportunities to benefit a surviving spouse that might be more appealing than the options available under prior law.
All individuals who do not plan to leave all assets to a surviving spouse should review his or her estate plan, including wills, trusts, beneficiary designations, property title, and antenuptial agreements.
Our estate planning attorneys are available to review your plan and recommend modifications that might be necessary to achieve your desired result. CONTACT US to schedule a consultation.